Oil Prices Surge to Four-Year High Amid Fears of New Supply Disruptions
Oil prices have skyrocketed today, reaching their highest level in approximately four years, following reports that have exacerbated concerns over new supply disruptions from the Middle East.
The Brent crude futures contract for June delivery has risen by more than $8 to settle at $126.09 per barrel, marking the highest level since March 2022, after already gaining 6.1% in the previous session.
The June contract, which has seen a ninth consecutive day of gains, expires today. Meanwhile, the July contract, which is the most actively traded, has reached $113.10 per barrel with a gain of $2.66, or 2.4%, following a 5.8% increase in the previous session.
On the other hand, the West Texas Intermediate (WTI) crude futures contract for June delivery has risen by $2.42, or 2.3%, to $109.30 per barrel, following a 7% surge in the previous session.
Read also: National crude oil production drops by 4% by the end of February 2026
